Fasset has raised US$51 million in Series B funding to expand its regulated stablecoin banking services.
The round included the SBI Group, Arz Portföy, Investcorp and strategic family offices.
Fasset will use the funding to build its financial infrastructure across more than 50 local banking corridors, expand into new markets and develop services for retail, business and private banking customers.
The company also plans to triple its retail, business and private banking headcount, while developing new lending, SME banking and trade finance products.
The round will also go towards additional banking licenses, compliance and risk frameworks, and Own Network, Fasset’s proprietary infrastructure for stablecoin payments and custody across the Asia-Africa corridor.
Fasset holds regulatory approvals across several jurisdictions, including the UAE, Indonesia, the European Union, Türkiye, Pakistan and Malaysia.
In Malaysia, its approval relates to the Labuan Financial Services Authority’s Islamic digital bank sandbox framework.
The company has teams in the UAE, Bahrain, Indonesia, Malaysia, Pakistan, Türkiye and the United States.
In Malaysia, Fasset recently appointed Rafiza Ghazali as Managing Director for Consumer Banking to lead its retail, SME and trade finance operations under the Labuan framework.
Fasset’s platform records more than US$32 billion in annualised transaction volume, with over 2 million wallets across 125 countries and more than 1,000 SME clients globally.
The company has also partnered with Tether to launch gold-backed neobanking card and ATMs.
Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, said,
“This funding round strengthens our ability to build regulated banking services and expand into new markets where our services are needed most.
The Series B provides tangible opportunities to support real-world economic activity, from everyday consumers to SMEs and global trade, on infrastructure that our users can trust.”
The SBI Group is a Japanese financial group with businesses across financial services, private equity investment, asset management, crypto assets and next-generation financial services.
Arz Portföy is an Istanbul-based asset management firm focused on venture capital, while Investcorp is a Bahrain-based global asset manager with about US$60 billion in assets under management.
Featured image: Edited by Fintech News Singapore, based on image by mrsiraphol via Magnific
